ZÃ¼rich Insurance hit by record £2.28 million fine
ZÃ¼rich Insurance, one of the more popular insurance companies in the UK, has today been hit by a £2.28 million fine from the FSA after admitting losing confidential details relating to 46,000 UK customers. This is the largest fine handed it a UK based insurance company and perfectly illustrates the seriousness of the charges which the company has admitted.
It was found that confidential information regarding UK insurance customers was being processed by the company's ZÃ¼rich South Africa arm and an unencrypted backup tape was lost during transit to the UK. This event happened in August 2008 and due to a lack of acceptable procedures within ZÃ¼rich Insurance the UK arm did not become aware of the data loss for 12 months. Information held upon the backup tape included customer's full names, full addresses, bank account details and credit card information.
Even though the company has been quick to confirm there have been no instances of criminal activity in relation to the data loss it is a worrying development at a time when UK consumers are more than ever concerned about that their privacy. The company has now taken action to tighten internal systems and ensure security is very much tougher in the future.
Biba urges "sensible precautions" for winter drivers
Motorists heading out over the cold winter period are being advised to ensure they take "sensible precautions" to reduce the risk of an accident.Graeme Trudgill, technical and corporate affairs executive at the British Insurance Brokers' Association (Biba), said that motorists "need to take care" and "make sure their cars are ready for winter".He explained: "The darkness, the wet roads and the icy...Read More
Level term life assurance is seen as a ‘safe’ option. When you take out the policy you agree a term length with the insurance provider, as well as an amount you wish to have paid to your estate in the event that you die during the agreed term. In a sense it is a type of insurance you never want a payout from, but it also an extremely useful and simple way of providing your family with future f...Read More
RBS still looking to sell insurance unit
Contrary to some reports in the press it has this evening been revealed that Royal Bank of Scotland is still looking to sell its insurance arm which has been up for sale for some months. There had been rumours that the sale had been pulled due to the government led bailout of industry but this would appear to be well wide of the mark. The insurance division had been expected to bring in around £7...Read More
Popularity of last-minute holidays fuels insurance problems
The popularity of last-minute holidays has fuelled the number of tourists travelling abroad without insurance, according to research from Sainsbury's Travel Insurance.Sainsbury's found that around 8.8 million people or 18 per cent of the adult population will book their holiday two weeks or less before they travel in order to save money but that one in five (19 per cent) will not have purchased tr...Read More
Hastings Insurance Hit With £735,000 Fine
28/07/2008 Well known car insurance company Hastings Insurance has been hit with a £735,000 fine after it cancelled a number of motor insurance policies at short notice after finding a pricing error in their system. In total the group cancelled 4,550 motor policies after checks revealed that quotes were on average £539 cheaper than they should have been. However, the group has been strongly...Read More